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NEW YORK (CNNMoney)After months of contentious public debate, Larry Summers has withdrawn his name from consideration to become the next chairman of the Federal Reserve.

President Obama said he spoke with Summers earlier Sunday and accepted his decision.

"Larry was a critical member of my team as we faced down the worst economic crisis since the Great Depression, and it was in no small part because of his expertise, wisdom, and leadership that we wrestled the economy back to growth and made the kind of progress we are seeing today," the president said in a statement.

According to the WSJ editorial page today, Summers is a raging partisan liberal (no surprises there), but his nomination as Chairman of the Fed was largely fought by Dems on the Senate Banking Committee due to his (Summers') performance as SecTreasury under the Clenis.

Summers is seen to have supported alleged banking deregulation at that time and while there's no evidence of that, WSJ editors point out that Summers is seeing first-hand the results of liberal politics as it eats its own young.

Summers is a political hack at a time when the last damned thing the Fed needs is another Bernanke.

Sadly, I doubt if any legitimate person wants to be associated with the current incompetent administration. Obama seems to only pick hacks. The narcissist in chief seems to surround himself with incompetents who wouldn't dare stand up to him. Obama thinks he is an expert on all things. He's expert in nothing but community organizing and eternally campaigning. Has anyone told him that he won the election and it's time to start hiring serious people and doing his job?

‎" To the world you are just one more person, but to a rescued pet, you are the world.""A Nation of Sheep Breeds a Government of Wolves!"

If Summers really was one of the architects of Obama's economic plan, he has no business running anything more complex than a lemonade stand.

Sic hacer pace, para bellum.
Sent from my android.

They seem to all be able to run their mouths when a camera aims their direction. I thought Obama had found a bull dyke to fill this position like he does with most of them?

Woe to those who call evil good, and good evil;Who substitute darkness for light and light for darkness;Who substitute bitter for sweet and sweet for bitter!21 Woe to those who are wise in their own eyesAnd clever in their own sight! Isaiah 5:20-21 NASB

After Summers’ withdrawal, Yellen likely to be next Fed chair Sep 17, 2013 #Barack Obama #Ben Bernanke #Business #China #Donald Kohn #Federal Reserve #Hillary Clinton #India #Janet Yellen #Japan #Larry Summers #Latin America #markets #President #United Kingdom #US 0 0 0 1 CommentEmailPrint Washington: Federal Reserve Vice Chair Janet Yellen became the frontrunner for the US central bank’s top job when President Barack Obama’s preferred candidate, former adviser Larry Summers, withdrew, sources familiar with the situation said on Monday. If nominated and confirmed, Yellen would replace Federal Reserve Chairman Ben Bernanke, whose second term expires in January. Summers, a former Treasury secretary under President Bill Clinton and a top economic adviser to Obama during the first two years of his presidency, dropped out of consideration for the post on Sunday because of opposition among fellow Democrats that would have made it difficult to be confirmed by the US Senate. Federal Reserve Vice Chair Janet Yellen addresses a conference in Washington. Reuters Federal Reserve Vice Chair Janet Yellen addresses a conference in Washington. Reuters Yellen, who has a long career in the Fed system and chaired the White House Council for Economic Advisers under Clinton, would be the first woman to hold the job.
Read more at: http://www.firstpost.com/world/after...ce=ref_article

I'm sure she has large enough thumbs to fill any position Obama has.

Woe to those who call evil good, and good evil;Who substitute darkness for light and light for darkness;Who substitute bitter for sweet and sweet for bitter!21 Woe to those who are wise in their own eyesAnd clever in their own sight! Isaiah 5:20-21 NASB

Christina Romer, chairman of the Council of Economic Advisers, testifies before the House Appropriations Full Committee Hearing on Fiscal Year 2011 Budget and Economic Outlook on March 16, 2010 on Capitol Hill in Washington.

Photo by TIM SLOAN/AFP/Getty Images

Former White House Council of Economic Advisors chair Christina Romer isn't under consideration to run the Federal Reserve and never has been. There are reasons for this, and they're not all terrible reasons. But there are three very good reasons that she ought to be a—if not the—leading contender for the job.

1. She believes in the power of the Fed: The extent to which the Federal Reserve has the power to fill an aggregate demand gap and boost a depressed labor market is hotly disputed among economists. And the dispute is healthy. But it's very important to have a Federal Reserve chair who does believe in the power of the Fed, rather than a Federal Reserve chair who'll start off by lowering expectations and shifting blame onto other institutions. Romer wrote a great paper with her husband David Romer on how historically the worst periods of monetary policy in the United States have come when Fed officials lost faith in their own powers. We need a chair who believes monetary policy can dramatically improve the economy and that his or her job is to make that improvement happen, not to complain that congress is making the job harder.

2. She represents regime change: With short-term nominal interest rates at zero, far and away the most important tool in monetary policy is expectations. That means ideally you'd want the new chair to represent a clear shock to the system's expectations. As Romer has put it in her scholarly work, you want a change of regime. All the many reasons she's not under consideration—too vocal, too controversial, too outside the mainstream, not enough of a team player—are reasons why her accession would represent a useful and important change of regime.

I don't know if I would call her an expert on recovering from disaster, FEMA should send in a make-up team.

Woe to those who call evil good, and good evil;Who substitute darkness for light and light for darkness;Who substitute bitter for sweet and sweet for bitter!21 Woe to those who are wise in their own eyesAnd clever in their own sight! Isaiah 5:20-21 NASB

I would venture a guess but the recession of the late 70's/early 80's was infinitely worse than the economic meltdown of 2008/09. Back then we had double digit inflation, interest rates, unemployment rates not to mention that moral was in the toilet. Also, the economic problems in the late 70's weren't self inflicted like the issues of 5 years ago were.

The American Left: Where everything is politics and politics is everything.